SINGAPORE --- ST Assembly Test Services Ltd. turned in a sixth consecutive quarter of growth but failed to score a net profit as it reported first quarter net revenues of $75.5 million. Sales revenue was up 92 percent over the same quarter a year ago and an increase of 5 percent over the prior quarter.
The net loss for the first quarter 2003 was $9.6 million compared to a net loss of $26.6 million in the same quarter a year ago, and net loss of $23.6 million in the prior quarter. The net loss in the prior quarter would have been $14.0 million if an asset impairment charge of $15.4 million a tax credit of $5.8 million had been excluded, the company said.
"The first quarter is seasonally a weak quarter in the semiconductor industry, exacerbated by the shorter work-month and the Lunar New Year holidays in February," said Tan Lay Koon, president and chief executive officer, in a statement.
"We turned gross profit positive in the fourth quarter 2002, and continued to improve our operating margins with a gross profit of $3.5 million in the first quarter 2003, an increase of 50 percent over the prior quarter," he added.
Tan Lay Koon said he expected revenues in the second quarter of 2003 to be about 5 percent to 10 percent higher than the first quarter of 2003.